NEWS
Exxon Mobil's CEO announces retirement
Irving, Texas, Aug 4 (LNG journal)
- Exxon Mobil Corp., the world's largest company by stock market value, said Chief Executive Lee R. Raymond intends to retire at the end of 2005 after more than 42 years of service.
It is anticipated the board of directors will elect ExxonMobil's President Rex W. Tillerson, aged 53, as chairman of the board and CEO to succeed 66-year-old Raymond, Exxon Mobil said.
"This change in leadership is consistent with the board of directors' succession plan developed years in advance," the company said.
Prior to the merger of Exxon and Mobil on November 30, 1999, Raymond was CEO of Exxon Corp. He helped mastermind what is seen now as one of the most successful mega-mergers in corporate history by buying Mobil Corp. in 1999 for $82 billion when oil prices were tumbling.
After reporting more than $25 billion in annual profit last year, Exxon on Thursday became the world's largest company by stock market value and worth $376 billion, edging ahead of previous No. 1 General Electric Co.
Raymond's successor, Tillerson, was named senior vice president of Exxon Mobil in August 2001, and was elected company president and a member of the board on March 1, 2004.
